Published in News
AMD shares soar after ATIC's bid for Chartered
14.6 percent in a single day of trading
AMD's shares have leaped 15 percent following ATIC's Labour Day weekend announcement its bid for Chartered Semiconductor.
Abu Dhabi-based ATIC is AMD's partner in Globalfoundries, and it has a significant share in AMD as well. The Chartered deal would give Globalfoundries access to several major clients, including Texas Instruments, Marvell and Broadcom.
Globalfoundries has spent the past months seeking non-AMD clients, and in late July it announced that it has reached a manufacturing deal with STMicro. Getting Chartered's clients and contacts might go a long way to expanding Globalfoundries' list of clients, providing the newly formed company with more development options and stability in the long term.
AMD's shares closed on $5.15 in Tuesday's trading at the NYSE, nearly reaching pre-recession levels.